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Egypt Gold Prices Update After Rate Stabilization
The article discusses the latest developments in the gold price in Egypt following the Central Bank of Egypt's decision to keep interest rates stable, along with an analysis of its impact on the local and global markets. It explained that the global ounce price decreased by 0.6% to reach a low of $4,478 after a significant rise yesterday that exceeded $4,500. This decline was supported by the weakening of the dollar and the fall in U.S. bond yields, which increased the appeal of gold. In the Egyptian market, the price of 21-karat gold was approximately 6,450 EGP, with demand declining due to the upcoming school season and increased supply. Meanwhile, the market is awaiting the Central Bank's decision regarding interest rates. Generally, the level of $4,500 per ounce and 6,300 EGP for 21-karat gold remain key support levels. The local gold price is influenced by the trend of the global ounce and the exchange rate of the dollar.
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